Merrill Lynch to buy Petrie Parkman

24 October 2006

Merrill Lynch has announced that it is to buy investment bank Petrie Parkman & Co., which specializes in the North American oil and gas industry.

Merrill Lynch said that the acquisition would allow it to expand its ability to provide clients with energy market expertise, which Petrie Parkman highly regarded as an advisory investment bank in the energy sector.

"Petrie Parkman has a strong reputation in the exploration and production industry built upon a focus on client service," said Greg Fleming, president of Merrill Lynch's global markets and investment banking businesses.

"The combination of Merrill Lynch's broad energy capabilities with the specialized oil and gas expertise of Petrie Parkman will enable us to provide outstanding services to energy clients around the world."

Although few details on the deal were disclosed, it is believed that Petrie Parkman's mergers and acquisitions and corporate finance businesses will become part of the energy and power group within Merrill Lynch's global securities research and economics group.

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